Shin Chang-jae, chief executive officer and chairman of Kyobo Life Insurance, received over 34 billion won ($32 million) in stock dividend last year, ranking first among top officials of the insurance industry.

The life insurer decided to allocate 5,000 won per common stock for the fiscal year 2017 and to pay 102.5 billion won in total dividends, up 25.6 billion won or 33.3 percent from the previous year, officials said Tuesday.

Shin, who is also the insurer’s largest shareholder with 6.9 million stocks or a 33.8 percent share, is consequently to receive a yearly dividend of 34.6 billion won, taking first place among insurance industry top officials.

He was followed by Hyundai Marine & Fire Insurance Chairman Chung Mong-yoon and DB Insurance Vice Chairman Kim Nam-ho, who respectively received 29.4 billion won and 14.7 billion won.